Senator Vance questions SEC Chair Gary Gensler on weaponized investigations against political opponents
WASHINGTON, D.C. – Senator JD Vance (R-OH) this week questioned Gary Gensler, chairman of the Securities and Exchange Commission (SEC), regarding concerns that his agency is engaged in politicized investigations against companies associated with President Trump.
In November of 2021, the SEC began an investigation into the special purpose acquisition company (SPAC) associated with President Trump's social media platform, Truth Social. The investigation is one of the first and only inquiries of this nature launched by the SEC and is based on unprecedented legal theory.
"First, you were Clinton's finance director in 2016, Hillary Clinton's finance director," Vance said. "Second, you hired anti-Trump enforcement director Grewal in July of 2021. Third, you brought in Ms. Barbero, who was the litigator on two House impeachment trials against Donald Trump.
"You have another enforcement counsel who was married to Peter Strzok. In November of 2021, Senator Warren urged you to investigate the SPAC merger involving Donald Trump's Truth Social company. And in December of 2021, just a few weeks later, you guys launched an investigation using a novel legal theory against the former president's social media company.
"That is some coincidence, isn't it, Mr. Gensler?
"The problem that I have, Chairman Gensler, is not with you investigating SPAC mergers. The problem is investigating a SPAC merger using a novel legal theory against your boss Joe Biden's chief political rival.
"Also against a social media company, which of course at the time, Twitter and Facebook and every social media company had banned the former president. So you could make a pretty good argument that the SEC was using its enforcement powers to silence the chief political rival of the current president.
"Now, let me just offer another another observation here. We are rightfully concerned in this chamber, at least on my side of the aisle, about the weaponization of the Department of Justice. But I'm increasingly worried that we should be more worried about the weaponization of the Securities and Exchange Commission.
"It looks more and more like not an impartial regulatory body protecting investors and consumers, but a regulatory body that is using its power to silence and immiserate political rivals of the current president of the United States."